Section 27A
- Document type
- Other
- Reference no.
- 00
- Dated
- Category
- Customs Act, 1962
Interest on delayed refunds.
SECTION 27 A.
If any duty ordered refunded under sub-section (2) of section 27 to an applicant is not refunded, three months from the date of receipt of application under sub-section (1) of section, there shall be paid to that applicant interest at such rate, not below five percent and not exceeding thirty per cent per annum as is for the time being. the Board, on such duty from the date immediately after the expiry of three m from the date of receipt of such application till the date of refund of such duty:
( * Amended from ten percent to five percent wef 01/03/2001)
Provided that where any duty, ordered to be refunded under sub-section 2 of section 27 in respect of an application under sub-section (1) of that section before the date on which the Finance Bill, 1995 receives the ass-ent of the President is not refunded within three months from such date, there shall be paid to applicant interest under this section from the date immediately after three months. from such date, till the date of refund of such duty.
Explanation. -Where any order of refund is made by the Commissioner, (Appeals), Appellate Tribunal or any court against an order of the Assistant Commissioner of Customs or Deputy Commissioner of Customs under sub-section (2) of section 27, the order passed by the Commissioner (Appeals), Appellate Tribunal or as the case may be, by the court shall be deemed to be an order passed under that sub-section for the purposes of this section.
(Please refer Cus Ntf No.25/2002(NT),dt.13/05/2002)